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Joseph Lau

March 19, 2014

A Hong Kong property tycoon has been forced to prematurely hand over the reins of the family businesses after being convicted of bribing a senior official and money laundering by a Macau court.

A Hong Kong property tycoon has been forced to prematurely hand over the reins of the family businesses after being convicted of bribing a senior official and money laundering by a Macau court.

Billionaire chairman of Chinese Estates Holdings Joseph Lau, 62, was found guilty of bribing a former Macau public works chief to the tune of HK$20 million (€1.9 million) to secure the sale of a parcel of land on the peninsula, which has a booming gambling and tourist industry.

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